Financial Planning – Hazel Crest
The most prevalent misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make smart investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make better decisions by turning vague objectives into concrete plans, offering a guide for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Hazel Crest
Often folks say that they are saving for retirement or saving for their child's education. They sound like specific goals, however they are really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you are not sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planner - Hazel Crest
Many people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options and prudently use the restricted resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a specialist has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning offers a map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you realize that the type of investment you choose impacts the after-tax return. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you're concerned with and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is awaiting you.
Influence of Financial Planning - Hazel Crest
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the middle, each one of the different components of your financial life - like buying a house, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you start to make progress along each one of those spokes, you are going to start to gain traction overall, and you will see your ability to understand your financial goals really start to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as early as possible in your life and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on track.
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